Autel(SH:688208) CAITONG SECURITIES·2025-09-21 10:32Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is undergoing a comprehensive transformation towards AI+ business model, leveraging AI intelligence as its core and focusing on industry models and intelligent terminals [7] - The company has joined Huawei's Robot to Cloud (R2C) protocol, enhancing its technological influence in the robotics and cloud intelligence sector [7] - The traditional business remains stable while new business lines are expected to open a second growth curve for the company [7] - Revenue projections for 2025-2027 are estimated at 49.62 billion, 61.58 billion, and 75.13 billion RMB, with corresponding net profits of 9.05 billion, 11.77 billion, and 14.36 billion RMB [7] Financial Performance - Revenue for 2023 is projected at 3,251 million RMB, with a growth rate of 43.5%, and is expected to reach 4,962 million RMB in 2025, reflecting a growth rate of 26.2% [6][8] - The net profit for 2023 is estimated at 179 million RMB, with a significant growth rate of 75.7%, projected to increase to 905 million RMB by 2025, with a growth rate of 41.2% [6][8] - Earnings per share (EPS) is expected to be 0.40 RMB in 2023, increasing to 1.35 RMB in 2025 [6][8] - The price-to-earnings (PE) ratio is projected to be 59.4 in 2023, decreasing to 28.2 in 2025 [6][8] - Return on equity (ROE) is expected to rise from 5.6% in 2023 to 24.9% in 2025 [6][8]